KeyBank Provides $21M in Financing for Community View Affordable Development in Morrisville, New York

by Jeff Shaw

MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York.

Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered by the Empire State Supportive Housing Initiative (ESSHI) and will target individuals who are at risk of homelessness, formerly homeless, enrolled in Medicaid, and have either a chronic condition, physical disability or require assistance with one or more instrumental activities of daily living.

The borrower is Christopher Community Inc. (“CCI”), a nonprofit developer and manager of affordable housing based in Syracuse. The project will enter into a housing services agreement with Crouse Community Center, a skilled nursing facility affiliated with Crouse Hospital, which will offer the ESSHI units with comprehensive supportive services.

Crouse Community Center recently began construction of an adult daycare facility adjacent to Community View Apartments.

John Paul Vachon and Kate De La Garza of KeyBank CDLI structured the financing.

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